Toshiba knew the tab would be high... but not this high. Accordng to Variety, Toshiba has announced their losses from dropping the HD DVD format have exceeded $1.1 billion, twice as much as their earlier projected losses.

The Japanese company also lowered its net profit forecast for the fiscal year, which ends March 31, to $1.25 billion, down 30% from the previous forecast.

Things aren't all looking glum for Toshiba, though. They did announce a projected increase in revenue to $77 billion, up from $71.2 billion last year.